Unibail-Rodamco gets agreement on Les Halles renovation

SCFHP, a subsidiary of Unibail-Rodamco and AXA, owner-operator of the Forum des Halles shopping centre, has announced that it has concluded an agreement with the City of Paris setting out the conditions of its involvement as a partner in a rezoning project for Paris' Les Halles district.

The agreement provides that the shopping centre will be opened out onto the City and extended by approximately 7,100 m2, an increase of 12%. This will enable the addition of a number of restaurants and cafés.

At the same time, SCFHP will acquire the building lease, thereby guaranteeing the long-term nature of its investment beyond 2055. In total, SCFHP will pay EUR 238 mln to the City, representing a significant proportion of the EUR 802 mln to which the City has committed for the district's renovation and renewal project.

Within this investment budget, the bulk of which is devoted to securing public areas and the realisation of public infrastructure and works, the City will invest about EUR 77 mln in building the commercial extensions that will be sold to SCFHP. For its part, SCFHP has committed an additional EUR 25 mln for its own renovation of the shopping centre and an improvement in the comfort and well-being of its visitors.

'Unibail-Rodamco is pleased to be able to play a role in the much awaited rezoning project for the Les Halles district. The shopping centre is a relatively small piece in the municipality's overall project but one that is nevertheless significant. By totally transforming the centre's leisure and shopping areas, creating cafés and restaurants, and ensuring a new link with the city and station, our ambition is to make the record number of visitors to the Forum des Halles a record in well-being for those residing in or visiting the Greater Paris region', Unibail-Rodamco CEO Guillaume Poitrinal said.